Core Viewpoint - The company, Tongling Nonferrous Metals Group, announced its production targets for gold and silver for 2025, indicating a focus on maintaining operational stability and meeting production goals [1] Group 1 - The company expects to produce 19.13 tons of gold in 2025 [1] - The silver production target for 2025 is set at 542 tons [1] - The company is currently organizing its production and operational activities as planned [1]

Group 1 - The company announced that the general manager, Mr. Xiao Li, will temporarily assume the duties of the financial director until a new financial director is appointed [2] - This decision is in accordance with the company's articles of association and internal management system [2] - The announcement was made on the evening of October 17 [2]

Core Viewpoint - The company, Baiyin Nonferrous Metals, has confirmed that its production and operational activities are normal, and there have been no significant changes in the internal and external operating environment [1] Group 1: Company Operations - The company conducted a self-examination and found that its internal production and operational order is normal [1] - The two major shareholders, CITIC Guoan Industrial Group Co., Ltd. and Gansu Xinye Asset Management Co., Ltd., confirmed that there are no significant matters affecting the abnormal fluctuations in the company's stock trading [1] Group 2: Regulatory Matters - On September 30, 2025, the company received an "Advance Notice of Administrative Penalty" and an "Administrative Supervision Measure Decision" from the Gansu Regulatory Bureau of the China Securities Regulatory Commission [1] - The company urges investors to make rational investment decisions and to be aware of investment risks [1]

Core Viewpoint - Tongling Nonferrous Metals Group Co., Ltd. has provided production estimates for gold and silver for the year 2025, indicating a focus on maintaining operational efficiency and meeting production targets [1] Group 1 - As of the third quarter, the company expects to produce 19.13 tons of gold and 542 tons of silver in 2025 [1] - The company is currently organizing production and operations as planned [1] - The company aims to continue efforts to meet its operational goals [1]

Core Viewpoint - Huludao Zinc Industry Co., Ltd. announced an asset leasing and related party transaction, aiming to activate assets, increase revenue, and enhance performance [1] Group 1: Transaction Details - The company plans to lease 30 acres of land and 6,100 square meters of buildings to a related party, Huludao Hesheng Technology Co., Ltd. [1] - The lease term is from October 1, 2025, to September 30, 2030, with an annual rent of 2 million yuan [1] - The related party was established in July 2024 with a registered capital of 10 million yuan [1] Group 2: Approval and Financial Impact - The transaction was approved by the company's 11th Board of Directors at its 15th meeting and does not require shareholder approval, thus not constituting a major asset restructuring [1] - From the beginning of 2025 until the disclosure date, the company has already conducted transactions worth 1.53 million yuan with the related party [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - **Copper**: Overnight LME copper first declined and then rose, closing slightly higher; domestic copper trended stronger with oscillations, and the spot import window remained closed. There are differences in the Fed's interest - rate cut pace. With the US government shutdown continuing and uncertainties in Sino - US trade, the copper market is cautious. Before substantial progress in Sino - US trade, the market may not offer a higher premium. However, the continuous rise in gold and silver prices and the return of the gold - silver ratio make copper prices eager to rise. Currently, copper prices may remain at a relatively high level due to the ongoing impact of the Indonesian mine accident, but the probability of prices exceeding the previous domestic historical high is low [1]. - **Aluminum**: Overnight, alumina,沪铝, and aluminum alloy all trended stronger with oscillations. Alumina prices in the spot market declined, and the profit of alumina plants was further compressed. High - cost production capacity turned to losses and stopped production. After the rainy season ended, mine shipments resumed, and there is room for a decline in ore prices. Alumina is generally bearish but is starting to bottom out. The market re - evaluates the demand fulfillment in the second half of "Silver October", and aluminum prices maintain a relatively strong pattern. Whether they can rise further depends on further improvement in demand [1][2]. - **Nickel**: Overnight, LME nickel rose 0.53%, while SHFE nickel fell 0.48%. LME and domestic SHFE nickel inventories increased. The nickel - iron - stainless steel industry chain shows stable nickel - iron prices, and stainless - steel prices are supported by nickel - iron. The social inventory of stainless steel increased significantly after the holiday. In the new - energy industry chain, the raw - material supply is tight, supporting prices. The inventory pressure of primary nickel is emerging, and nickel prices fluctuate widely, with caution needed regarding macro - level disturbances [2]. 3. Summary by Relevant Catalogs 3.1 Research Views - **Copper**: Analyzes the macro - situation including differences in the Fed's interest - rate cut stance, the US government shutdown, and Sino - US trade uncertainties. Also considers demand factors and the impact of the Indonesian mine accident on copper prices [1]. - **Aluminum**: Covers the price trends of alumina,沪铝, and aluminum alloy in the futures market, as well as price changes in the spot market such as alumina, aluminum ingots, and aluminum rods. Discusses factors like alumina plant profits, ore shipments, and inventory changes affecting aluminum prices [1][2]. - **Nickel**: Mentions the price changes of LME and SHFE nickel, inventory changes, the situation of the nickel - iron - stainless steel industry chain, and the new - energy industry chain, and points out that nickel prices fluctuate widely and are affected by macro factors [2]. 3.2 Daily Data Monitoring - **Copper**: Compares prices such as flat - copper, scrap copper, and downstream products between October 16 and 15, 2025. Also shows inventory changes in LME, COMEX, and domestic social inventories, as well as changes in other indicators like LME0 - 3 premium and active - contract import profit and loss [3]. - **Lead**: Compares prices of lead products such as 1 lead and recycled lead, lead - concentrate prices, and processing fees between October 16 and 15, 2025. Also shows inventory changes in LME and SHFE and changes in other indicators like CIF提单 and active - contract import profit and loss [3]. - **Aluminum**: Compares prices of aluminum products such as无锡报价,南海报价, and aluminum alloy between October 16 and 15, 2025. Also shows inventory changes in LME, SHFE, and social inventories, as well as changes in other indicators like CIF提单 and active - contract import profit and loss [4]. - **Nickel**: Compares prices of nickel products such as electrolytic nickel, nickel - iron, and nickel ore between October 16 and 15, 2025. Also shows inventory changes in LME, SHFE, and social inventories, as well as changes in other indicators like CIF提单 and active - contract import profit and loss [4]. - **Zinc**: Compares prices of zinc products such as主力结算价, SMM 0 and 1 spot, and zinc alloy between October 16 and 15, 2025. Also shows inventory changes in LME, SHFE, and social inventories, as well as changes in other indicators like LME0 - 3 premium and active - contract import profit and loss [6]. - **Tin**: Compares prices of tin products such as主力结算价, SMM现货, and tin concentrate between October 16 and 15, 2025. Also shows inventory changes in LME and SHFE and changes in other indicators like LME0 - 3 premium and active - contract import profit and loss [6]. 3.3 Chart Analysis - **3.3.1 Spot Premium**: Provides charts of spot premiums for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [7][8][10][11]. - **3.3.2 SHFE Near - Far Month Spread**: Provides charts of SHFE near - far month spreads for copper, aluminum, nickel, zinc, lead, and tin from 2020 - 2025 [15][20][21]. - **3.3.3 LME Inventory**: Provides charts of LME inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [23][25][27]. - **3.3.4 SHFE Inventory**: Provides charts of SHFE inventories for copper, aluminum, nickel, zinc, lead, and tin from 2019 - 2025 [29][31][33]. - **3.3.5 Social Inventory**: Provides charts of social inventories for copper, aluminum, nickel, zinc, stainless steel, and 300 - series from 2019 - 2025 [35][37][39]. - **3.3.6 Smelting Profit**: Provides charts of smelting - related indicators such as copper - concentrate index, rough - copper processing fee, aluminum smelting profit, nickel - iron smelting cost, zinc smelting profit, and stainless - steel 304 smelting profit rate from 2019 - 2025 [42][44][47]. 3.4 Team Introduction - **展大鹏**: A science master, currently the director of non - ferrous research at Everbright Futures Research Institute, a senior researcher in precious metals, a gold intermediate investment analyst, an excellent metal analyst of the Shanghai Futures Exchange, and the best industrial - product futures analyst of Futures Daily and Securities Times. With more than a decade of commodity - research experience, he has served many leading spot enterprises, published dozens of professional articles in public newspapers and magazines, and has been interviewed by multiple media. His team has won awards such as the 15th and 16th Best Metal Industry Futures Research Team Awards of Futures Daily and Securities Times and the title of Excellent Non - Ferrous Metal Industry Team of the Shanghai Futures Exchange in 2016 [50]. - **王珩**: A master of finance from the University of Adelaide, Australia, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching aluminum and silicon. He has in - depth research on the domestic non - ferrous industry, tracks the dynamics of the new - energy industry chain, and provides timely hot - spot and policy interpretations for clients [50]. - **朱希**: A master of science from the University of Warwick, UK, currently a non - ferrous researcher at Everbright Futures Research Institute, mainly researching lithium and nickel. Focusing on the integration of non - ferrous metals and new energy, she tracks the dynamics of the new - energy industry chain and provides timely hot - spot and policy interpretations for clients [51].

1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core Viewpoints of the Report - The trade situation remains volatile, and the weakening of the US dollar index has led to new highs in precious metal prices. The supply - demand relationship of copper provides strong support for prices, and short - term price declines may be limited. Aluminum prices are expected to continue to oscillate strongly. Short - term trends of lead, zinc, tin, nickel, lithium carbonate, alumina, stainless steel, and cast aluminum alloy are also analyzed, with corresponding price ranges provided [2][3][6]. 3. Summary by Metal Copper - **Market Information**: Trade situation is volatile, the US dollar index is weak, and copper prices oscillate upwards. LME copper inventory decreases, domestic electrolytic copper social inventory and bonded area inventory increase slightly, and the spot import loss narrows. The refined - scrap price difference narrows [2]. - **Strategy Viewpoint**: Overseas copper mine production cuts and reduced domestic refined copper output tighten supply expectations, and short - term price declines may be limited. The reference operating range for the Shanghai copper main contract is 84,500 - 86,000 yuan/ton, and for the LME copper 3M contract is 10,500 - 10,750 US dollars/ton [3]. Aluminum - **Market Information**: Domestic inventory decreases, and the US may introduce an automobile tariff grace period. Aluminum prices are strongly trending. LME aluminum inventory decreases, and domestic aluminum ingot and aluminum rod inventories decline [5]. - **Strategy Viewpoint**: With the increase in the domestic aluminum - water ratio, seasonal consumption recovery, and strong exports, the pressure of aluminum ingot inventory accumulation is small, and prices may continue to oscillate strongly. The reference operating range for the Shanghai aluminum main contract is 20,900 - 21,200 yuan/ton, and for the LME aluminum 3M contract is 2,750 - 2,820 US dollars/ton [6]. Lead - **Market Information**: The Shanghai lead index closes slightly lower. LME lead price declines, and domestic social inventory remains unchanged. The refined - scrap price difference is 75 yuan/ton [8]. - **Strategy Viewpoint**: The apparent lead ore inventory rises slightly, and the production of primary lead smelting remains high. The waste lead inventory declines, and the production of secondary lead smelting is at a low level. The lead ingot factory inventory accumulates. The short - term Shanghai lead is expected to be strong [9]. Zinc - **Market Information**: The Shanghai zinc index closes slightly lower, and the LME zinc price rises. Domestic social inventory accumulates slightly, and the zinc ingot export window opens [10]. - **Strategy Viewpoint**: Domestic zinc smelting enterprises operate normally during holidays, and most downstream enterprises maintain normal production. The LME registered zinc warehouse receipts are at a low level, and there is still a structural risk. Short - term Shanghai zinc is expected to oscillate at a low level with increased volatility [11]. Tin - **Market Information**: The Shanghai tin main contract price declines slightly. The import of tin ore is at a low level due to slow resumption of production in Myanmar and Indonesia's crackdown on illegal mining. The smelting enterprise operating rate is low, and downstream demand is mixed. The consumption margin improves during the peak season, but high prices still suppress consumption [13]. - **Strategy Viewpoint**: Short - term supply and demand are in a tight balance, and with the recovery of peak - season demand, tin prices may oscillate at a high level. It is recommended to wait and see. The reference operating range for the domestic main contract is 270,000 - 290,000 yuan/ton, and for overseas LME tin is 34,000 - 36,000 US dollars/ton [14]. Nickel - **Market Information**: Nickel prices oscillate. Spot market transactions are average, and brand premiums rise slightly. Nickel ore prices are stable, nickel - iron prices are weak, and MHP coefficient prices are high [15]. - **Strategy Viewpoint**: Short - term trade frictions may reduce market risk appetite, but the impact on nickel prices is relatively small. In the short term, weak nickel - iron prices and high refined nickel inventory pressure may drag down nickel prices, but in the long term, there are supporting factors. It is recommended to wait and see, and consider buying on dips if the price drops significantly. The reference operating range for the short - term Shanghai nickel main contract is 115,000 - 128,000 yuan/ton, and for the LME nickel 3M contract is 14,500 - 16,500 US dollars/ton [16][17]. Lithium Carbonate - **Market Information**: The spot index of lithium carbonate rises, and the futures contract price also increases. The market's available spot is tight, and the premium strengthens [19]. - **Strategy Viewpoint**: Social inventory and exchange warehouse receipts continue to decline. If consumption remains strong and resonates with the macro - environment, lithium prices may break through the upper limit. Short - term strong oscillation is more likely. The reference operating range for the Guangzhou Futures Exchange lithium carbonate 2601 contract is 73,000 - 77,800 yuan/ton [20]. Alumina - **Market Information**: The alumina index declines slightly, and the trading volume increases. The spot price in Shandong drops, and the import window closes. The futures warehouse receipts decrease [22]. - **Strategy Viewpoint**: Ore prices have short - term support but may face pressure after the rainy season. The over - capacity situation in the alumina smelting end is difficult to change in the short term, and inventory accumulation continues. It is recommended to wait and see for macro - sentiment resonance. The reference operating range for the domestic main contract AO2601 is 2,600 - 3,000 yuan/ton, and attention should be paid to supply - side policies, Guinean ore policies, and the Fed's monetary policy [23]. Stainless Steel - **Market Information**: The stainless steel main contract price rises slightly, and the trading volume increases. Spot prices in different markets show different trends, and raw material prices are stable. Social inventory decreases, but 300 - series inventory increases [25]. - **Strategy Viewpoint**: After the holiday, social inventory accumulates significantly, but terminal consumption is flat. The market does not show the characteristics of the traditional peak season. Spot prices decline, and market sentiment is pessimistic. The market trend is expected to be weak [26]. Cast Aluminum Alloy - **Market Information**: The AD2511 contract price rises, the trading volume and open interest increase. The price of domestic mainstream ADC12 is stable, and the inventory of recycled aluminum alloy ingots in the domestic mainstream market decreases [28]. - **Strategy Viewpoint**: The firm cost provides support for the aluminum alloy price, but the current market sentiment is volatile, and the delivery pressure of the near - month contract is relatively large, limiting the upward price space [29].

Core Viewpoint - The company held its second extraordinary general meeting of shareholders in 2025, where several important resolutions were passed, including amendments to the company's articles of association and the election of new board members [1][2][4]. Group 1: Meeting Details - The meeting was convened by the board of directors and took place on October 16, 2025, at the company's office in Longjiaba, Luoping County, Yunnan Province [5][7]. - A total of 117 shareholders attended the meeting, representing 90,156,500 shares, which accounts for 27.8781% of the total voting shares [9]. - The voting method combined both on-site and online voting, with specific time slots designated for online participation [3][6]. Group 2: Voting Results - The following resolutions were passed: - Amendment to the articles of association: 89,235,900 shares in favor (98.9789%), 900,700 against (0.9990%), and 19,900 abstentions [14]. - Amendment to the rules of procedure for shareholder meetings: 89,235,400 shares in favor (98.9783%), 901,200 against (0.9996%), and 19,900 abstentions [16]. - Amendment to the management measures for shares held by directors and senior management: 89,234,100 shares in favor (98.9769%), 902,500 against (1.0010%), and 19,900 abstentions [18]. - Amendment to the independent director work system: 89,235,400 shares in favor (98.9783%), 901,200 against (0.9996%), and 19,900 abstentions [21]. Group 3: Board Elections - The election of the ninth board of directors was conducted, with non-independent directors including Mr. Xiao Lisheng, Mr. Wang Guimeng, and Mr. Yu Yongxian elected for a term of three years [24]. - Independent directors elected included Ms. Lin Yan, Mr. Ba Qi, and Ms. Peng Guifen, also for a term of three years [25]. Group 4: Legal Opinion - The legal opinion provided by Beijing Deheng (Kunming) Law Firm confirmed that the meeting's convening, attendance, voting procedures, and results complied with legal and regulatory requirements [26].

Group 1 - The company primarily sources bismuth raw materials, including high-purity bismuth (not less than 99.99% bismuth content) and crude bismuth, from market traders and producers [2] - In the deep processing segment of bismuth, the company leverages the advantages of its controlling shareholder in terms of raw material costs and resources to obtain competitively priced raw materials [2]

Core Viewpoint - The company, Jintian Co., is a leading enterprise in the domestic copper and copper alloy sector, focusing on enhancing its market share and technological reserves in emerging high-end markets to better meet the demand for key properties such as electrical conductivity and thermal conductivity in downstream application industries [1] Group 1 - The company is recognized as a leader in the copper and copper alloy industry in China [1] - The company is actively working to increase its application share in emerging high-end market sectors [1] - The company aims to improve its technological reserves to satisfy the critical performance requirements of downstream industries [1]